April 30, 2021
According to the research report titled ‘Global Control Valve Market Size study, by Component (Actuators, Valve Body and Others), by Type (Rotary Valves and Linear Valves), by Material (Stainless Steel, Alloy-Based, Cast Iron, Cryogenic and Others), by Size (Upto 1a??, >1a??-6a??, >6a??-25a??, >25a??-50a?? and >50a??), by Industry (Oil & Gas, Water & Wastewater Treatment, Energy & Power, Pharmaceuticals, Food & Beverages , Chemicals, Building & Construction, Paper & Pulp, Metals & Mining and Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global control valve market was evaluated at USD 4.8 billion in 2019 and is projected to reach USD 13.9 billion by the year 2027, expanding at an annual rate of 14.2% between 2020-2027.
Incorporation for connected networks to monitor & maintain industrial equipment, and rising focus on setting up new nuclear plants as well as expanding existing ones are key factors boosting global control valve market growth. Surging consumption of water in homes, industries, and commercial areas, coupled with demand for water valves in wastewater treatment facilities are also responsible for industry expansion.
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For the unversed, control valves ensure that process variables such as gas, steam, water and chemical compounds stay at a desired level.
The report cites that product launches and strategic alliances by leading companies also facilitate market expansion. For example, Emerson Electric Co. introduced the new ASCO series 159 motorized actuator and series 158 gas valve in February 2020 to be used in burner boilers.
As per the NITI Aayog, in 2018, 100 million people were suffering from water shortages. Moreover, 21 major cities were speculated to run out of groundwater in 2019. To address this issue, the government started the Ministry of Jal Shakti in 2019 which seeks to provide piped water to all rural homes by 2024 and supervise water resource management.
Thus, initiatives taken by government for wastewater treatment and ensuring water supply to citizens will proliferate the global control valve industry size. On the other hand, lack of standardized certifications will inhibit market expansion over the forecast timeframe.
Regionally speaking, North America held majority of worldwide control valve market share in the past years, due to increasing adoption of modern technologies, rising research & development activities related to using valves in automation, and proliferating demand for safety applications.
Key players profiled in global control valve industry report are Cameron International Corporation, Kitz Corporation, IMI plc, Trillium Flow Technologies, Crane Co., Emerson Electric Co., The Curtiss-Wright Corporation, The Flowserve Corporation, Spirax-Sarco Engineering plc, and Christian Bürkert GmbH & Co. KG.